Bullish, a cryptocurrency exchange operator and media company, experienced a remarkable debut on the New York Stock Exchange, with its shares soaring 218% from an IPO price of $37 to an intraday high of $118. This surge demonstrates a significant institutional interest in crypto-related assets. The company had initially aimed for a $4.8 billion valuation but ended up issuing 30 million shares due to high demand, resulting in a market capitalization of approximately $13 billion by the afternoon. Founded in 2021, Bullish transformed from an institutional digital asset platform into a crypto media outlet in 2023. The favorable conditions for IPOs in 2025, bolstered by supportive legislation like the GENIUS Act, appear to be driving this interest in crypto-focused offerings. Industry experts believe that institutional investors are increasingly seeking connections between digital token services and the broader economy, reinforcing the legitimacy and governance of regulated crypto companies like Bullish.

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